1q 2014 presentation

Conference call

9 May 2014

10.00 a.m. CET

Results Presentation at 31/03/2014

DIS

CL

AIM

ER

This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities.

The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as

amended (the “Securities Act”), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval

of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States or to U.S. persons unless such securities

are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Copies of this

presentation are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

This presentation contains forwards-looking information and statements about IGD SIIQ SPA and its Group.

Forward-looking statements are statements that are not historical facts.

These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and

expectations with respect to future operations, products and services, and statements regarding plans, performance.

Although the management of IGD SIIQ SPA believes that the expectations reflected in such forward-looking statements are reasonable,

investors and holders of IGD SIIQ are cautioned that forward-looking information and statements are subject to various risk and uncertainties,

many of which are difficult to predict and generally beyond the control of IGD SIIQ; that could cause actual results and developments to differ

materially from those expressed in, or implied or projected by, the forward-looking statements.

These risks and uncertainties include, but are not limited to, those contained in this presentation.

Except as required by applicable law, IGD SIIQ does not undertake any obligation to update any forward-looking information or statements

3

9 May 2014 1Q2014 Results Presentation

Highlights

Funds From Operations (FFO) core business

Group Net Profit € 6.2 mn ( -24.8% vs 31/03/2013)

€ 8.7 mn (-11% vs 31/03/2013)

•EBITDA (core business)

•EBITDA margin (core business)

€ 20.1 mn (-5.5% vs 31/03/2013)

67.8%( -2.3 percentage points)

EBITDA

•Total revenues

•Core business revenues

€ 31.0 mn (+1.9% vs 31/03/2013)

REVENUES

€ 29.7 mn (-2.4% vs 31/03/2013)

•ITALY

•ROMANIA

97.2%

84.3%

FINANCIAL OCCUPANCY at 31/03/2014

•EBITDA margin Freehold 78.3%(-1 percentage point)

4


Significant transactions in the first months of 2014

26 February 2014 – Sale of the mall in “FONTI DEL CORALLO” shopping center in

Livorno to a private real estate fund managed by BNP Paribas Reim.The sale of the property took place for consideration of €47 million.

5 March 2014 – Sale of the treasury sharesQUANTUM STRATEGIC PARTNERS LTD purchased form

- IGD all its treasury shares (no. 10,976,592) equal to 3.15% of the share capital.

- UNICOOP TIRRENO no. 6,423,494 shares (the equity interest in IGD goes from 14.9% to 13.1%)

QUANTUM STRATEGIC PARTNERS LTD owns, therefore, a total of no. 17,400,086 equal to 5% of the

share capital .

11 April 2014 – Private placement of euro 150,000,000 3.875% senior unsecured

bonds due January 2019.The issue and settlement date for the notes is expected to be 7 May 2014

ECONOMIC CONTEXT

6


Outlook

• GDP: The recession, which began in the second half of 2011, stopped in 4Q 2013 after 9 consecutive quarters of contraction. According to preliminary

data, a moderate increase in GDP in 1Q 2014 is expected, and a more sustained recovery in subsequent quarters until it reaches an annual average

value of about 0.6%.(Economics and finance document, MEF)

• Inflation: it is expected an annual value almost steady compared to 2013 (1.2%), while inflation acquired in April 2014 is equal to 0.3% (Istat).

• Unemployment: at 31 March 2014 it remained steady compared to the previous quarter (12.7%). Possible slight improvement is expected in 2014

(Istat).

• Consumption: private consumption started to recover from the negative value recorded in 2013, although it is expected to grow stronger in the second

half of the year. (Economics and finance document, MEF). In April 2014 consumer confidence is recovering, supported by improved assessments on

the country's economic situation, assessments on the economic conditions of the family and the prospects of the labor market. (Istat)

• Real Estate investments: Investments in the real estate sector in Italy were up by about 15% compared to the first quarter of 2013, particularly in the

retail segment, where they are doubled. (RBS Londra*)

*Da Quotidiano Immobiliare, report in collaborazione con Luca Zaffaroni, Senior Credit Manager presso RBS a Londra

GDP trend (change%)

Data source: sample averages institutes and researches

Consumption trend (change%) Real Estate investments in Italy

Data source: RBS, London*Data source: sample averages institutes and researches

The Italian economic context in 1Q2014

0.6%

1.0%

1.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016

0.7%

1.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016

0.0%

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

1Q 2013

1Q 2014

7


Outlook

• GDP: the economic growth is expected to slowdown in 1Q 2014, although it remains robust in 2014, thanks to the abundant agricultural

production and industrial production intended to export (European Commission)

• The exchange rate in March 2014 was equal to about 4.5 ron/euro (BNR)

• The inflation for 2014 is expected to slightly decrease compared to 2013 (about 3.0%), despite the introduction of an excise duty of 7

cents per liter of fuel. (Raiffeisen Research)

• Unemployment: despite robust economic growth, the unemployment rate increased in April 2014 and it stood at 7.3%. (European

Commission)

• Consumption: an increase of about 1 percentage point is expected in 2014 compared to 2013 (2.1%).

GDP trend (change%) Consumption trend (change%)

The Romanian economic context in 1Q2014

Data source: sample averages institutes and researches Data source: sample averages institutes and researches

2.4%2.6%

2.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

2014 2015 2016

2.1%

2.9% 2.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

2014 2015 2016

ECONOMIC AND

FINANCIAL RESULTS

9


Consolidated Income Statement

Total revenues from rental activities:

28,486 €000

From Shopping Malls: 18,951 €000 of which:

Italian Malls: 16,897 €000

Winmarkt Malls 2,054 €000

From Hypermarkets: 8,948 €000

From City Center Project – v. Rizzoli: 423 €000

From Other: 1€000

€/000 31/03/2013 31/03/2014 % 31/03/2013 31/03/2014 % 31/03/2013 31/03/2014 %

Revenues from freehold properties 26,626 25,643 (3.7)% 26,607 25,579 (3.9)% 19 64 n.a.

Revenues from leasehold properties 2,564 2,843 10.9% 2,564 2,843 10.9% 0 0 n.a.

Revenues from services 1,250 1,267 1.4% 1,250 1,267 1.4% 0 0 n.a.

Revenues from trading 0 1,278 n.a. 0 0 n.a. 0 1,278 n.a.

Operating revenues 30,440 31,031 1.9% 30,421 29,689 (2.4)% 19 1,342 n.a.

Rents and leases payables (2,133) (2,461) 15.3% (2,133) (2,461) 15.3% 0 0

Personnel expenses (912) (932) 2.2% (912) (932) 2.2% 0 0 n.a.

Direct costs (3,894) (3,840) (1.4)% (3,763) (3,747) (0.4)% (131) (93) (28.8)%

Increases, cost of sale and other costs 133 (1,129) n.a. 0 0 n.a. 133 (1,129) n.a.

Gross margin 23,634 22,669 (4.1)% 23,613 22,549 (4.5)% 21 120 n.a.

Headquarters personnel costs (1,479) (1,548) 4.7% (1,458) (1,531) 5.0% (21) (17) (18.0)%

G&A Expenses (939) (990) 5.5% (845) (876) 3.7% (94) (114) n.a.

EBITDA 21,216 20,131 (5.1)% 21,310 20,140 (5.5)% (94) (9) n.a.

Ebitda M argin 70.1% 67.8%

Other provisions (31) (31) 0.0%

Impairment losses and fair value adjustment (275) (453) 64.9%

Amortizations (327) (341) 4.5%

EBIT 20,583 19,306 (6.2)%

Financial income (11,273) (11,675) 3.6% ok

n.a.

Extraordinary income (413) 120 n.a.

PRE-TAX PROFIT 8,897 7,751 n.a.

Income tax for the period (700) (1,377) 96.7%

NET PROFIT 8,197 6,374 (22.2)%

(Profit)/losses related to third parties 40 (180) n.a.

GROUP NET PROFIT 8,237 6,194 (24.8)%

CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT

10


Margins from activities

Margin from freehold properties: 86.6% decreasing compared to 87.0% at 31/03/2013 due to the

decrease in revenues as a result also of planned vacancy

Margin from leasehold properties: 8.5% compared to 11.6% at 31/03/2013 mainly due to higher

direct costs (in particular payable rents)

€/000 31/03/2013 31/03/2014 % 31/03/2013 31/03/2014 % 31/03/2013 31/03/2014 %

Margin from freehold properties 23,179 22,206 (4.2)% 23,159 22,157 (4.3)% 19 49 n.a.

Margin from leasehold properties 299 242 (19.0)% 299 242 (19.0)% 0 0 n.a.

Margin from services 155 143 (7.5)% 155 150 (3.3)% 0 (6) n.a.

Margin from trading 2 78 n.a. 0 0 n.a. 2 78 n.a.

Gross margin 23,634 22,669 (4.1)% 23,613 22,549 (4.5)% 21 120 n.a.

CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT

11


29,190 28,486

1,250 1,266

1,278

31/03/2013 31/03/2014

Revenues from

trading

Revenues from

services

Revenues from

rental activity

+0.7%

Core business revenues: -2.4%

TOTAL REVENUES (€/000) BREAKDOWN OF TOTAL REVENUES BY TYPE

OF ASSET

-14.0%

RENTAL INCOME DRIVERS core business (€/000)

-2.4%

Net of instrumental

vacancy LFL -14% due to

the drag of downside on

renewed contracts in 2H

2013, higher vacancy and

reletting in progress (exit of

a bank in 3Q 2013 that

produced -3% LFL)

Corebusiness

-2.4 %

Total revenues

+1.9%

30,440 31,031

Net of instrumental

vacancy +0.7%

HYPERMARKETS held

up well (+1.4%) due to

indexation and to the entry

in ordinary activity for last

openings after start-up and

MALLS recorded (+0.2%)

Core business

59.3%

31.4%

1.5%

0.3%

7.2% 0.2%

MALLS HYPERMARKETS CITY OTHER ROMANIA "PORTA A MARE" PROJECT

176 - 310

- 375

- 241 45- 705

LFL Italian revenues

Other Italy (instrumental

Vacancy)

Romania (LFL) Romania (instrumental

vacancy)

Porta A Mare Total change

12


1,798 1,944

515 424

4,495 4,772

31/03/2013 31/03/2014

OTHER DIRECT COSTS

PROVISIONS

IMU property tax

+4.9%

DIRECT COSTS CORE BUSINESS (€ 000)

Directs costs and G&A expenses Core Business

G&A EXPENSES CORE BUSINESS (€ 000)

+4.6%

The impact of G&A expenses on core

business revenues increased and it was

equal to about 8.1% vs 31/03/2013 (7.6%)

Increase in Direct Costs mainly due to:

• OTHER DIRECT COSTS + 0.3 € mn

(+15.3%) due to the increase in the item

rents and payable leases (masterlease) for

the sale of Le Fonti del Corallo mall

• IMU (property tax) +0.1 € mn (+8.2%)

increase in calculation coefficients on D8

category not considered in 1Q 2013

6,8087,104

2,303 2,407

31/03/2013 31/03/2014

13


Total consolidated Ebitda: € 20.1 mn

Ebitda (core business): € 20.1 mn (-5.5%)

CONSOLIDATED EBITDA (€ 000)

EBITDA and EBITDA MARGIN CORE BUSINESS (€ 000)

EBITDA MARGIN

from FREEHOLD

MANAGEMENT

Was equal to

78.3%

21,216

591 1,262 294 121

20,131

Ebitda 31/03/2013 Change in operating revenues

Change in increases, cost of

sale and other

Change in direct costs

Change in G&A expenses

Ebitda 31/03/2014

21,310

20,140

70.1%

67.8%

31/03/2013 31/03/2014

14


Group net profit: € 6.2 mn

GOUP NET PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000)

PERFORMANCE OF GROUP NET PROFIT EQUAL TO € 6.2 MN COMPARED TO 31/03/2013 REFLECTS:

• a negative change in financial charges (-0.4€mn) and an improvement in extraordinary management (+0.5 €mn)

for € 0.1 mn

• a positive impact on Ebitda Porta Medicea for +0.08 €mn

-24.8 %

• a negative change of core business Ebitda (-1.2€mn) mainly due to the decrease in revenues in addition to the

increase in direct costs for rent paid

• a negative effect on fair value resulting from extraordinary capitalized maintenance work ( -0.2€mn)

• a negative impact on deferred tax and transfer of deferred tax liabilities (- 0.7€ mn)

• a negative impact on profit/loss attributable to minority interests (Porta medicea) (0.2 €mn)

8,237

6,194

31/03/2013 31/03/2014

8,237

1,170 85 193 131 676

220

6,194

Group net profit

31/03/2013

Change in Ebitda core business

Change in Ebitda 'Porta a mare' project

Change in provisions,

depreciation, devaluation

and FV

Change in financial and extraordinary management

Change in taxes

Change in (profit)/loss

related to third parties

Group net profit

31/03/2014

15


9,800

8,723

31/03/2013 31/03/2014

Core business Funds From Operations

FFO (€/000) 31/12/2013 31/03/2014 D D%

FFO TREND (€/000)

- 11%

Of which:

• –1.1 mn€ due to

decreased Ebitda

(decreased net

revenues, increased

paid rents and other

minor changes)

• -0.4mn€ due to

increase in financial

management

• +0.4mn€ due to

improvement in current

taxes

Pre-tax profit 9,141 7,923 -1,218 -13.3%

Depreciation and other provisions 357 372 14 4.1%

Change in FV and devaluations 275 453 179 64.9%

Extraordinary management 413 -120 -532 n.a.

Gross margin from trading 0 0 0 n.a.

Income taxes for the period -386 95 480 n.a.

FFO 9,800 8,723 -1,077 -11.0%

FY 2009 RESULTS

BolognaNovember 11, 2011

OPERATING

PERFORMANCE

17


Commercial Highlights

+0.8% progressive change

+0.9% progressive change

Footfalls in Italian IGD Shopping Malls*

Tenant sales in Italian IGD Shopping Malls

Footfalls in Romanian WINMARKT Shopping

Malls-7.6% vs 31/03/2013

* Footfalls data for February and March do not consider Centro

d’Abruzzo and Gran Rondò for problems at visitor counter

-5.4% progressive changeHypermarket Sales

All of these indicators are affected by Easter that in 2013 was on 31 March while in 2014 was on 20 April

18


The performance of our shopping malls in 1Q2014

TENANT SALES AND FOOTFALLS IN OUR SHOPPING CENTERS

ITALY

• The quarter ended positively, especially thanks to the good performance of turnovers in the first two months of 2014.

• The trend of the month of March is affected, compared to last year, by the absence of Easter (which in 2013 was on 31/3). Especially hypermarkets

were negatively affected by such a circumstance, with significant decreases everywhere.

ROMANIA

Footfalls present a trend in the first quarter 2014 compared to 2013 (7.3 vs 7.9 million) is affected by refurbishment activities (in particular those concentrated

on the ground floor of 3 core assets); a realignment of footfalls is expected starting from the end of the second quarter 2014

*not all our tenants have a cash register

progressive

change March

progressive

change March

in absolute

value

ITALY +0.9% +0.8% 15 million

ROMANIA n.p* 7.3 million

19


Tenants in Italy

TOTAL CONTRACTS

BRAND BREAKDOWN IN MALLS

By turnover

Malls 1,011

Hypermarkets 19

Total 1,030

17%

66%

16%

International brands National brands Local brands

TOP 10 Tenants Product categoryTurnover

impactContracts

Miroglio Group

clothing 3.7% 34

clothing 3.0% 10

clothing 1.9% 7

clothing 1.8% 20

footwear 1.6% 4

electronics 1.5% 1

BBC bricolage 1.4% 1

entertainment 1.4% 20

restaurant 1.3% 8

jewellery 1.2% 13

Total 18.9% 118

20


Tenants in Romania

TOTAL CONTRACTS 551

BRAND BREAKDOWN IN MALLS

By turnover

31%

24%

45%

International brands National brands Local brands

21


21.0%13.8% 11.6%

53.7%

100.0%

0%

20%

40%

60%

80%

100%

120%

>1Q2014 2015 2016 >2016

Malls Hypermarkets/Supermarkets

26.5%

33.8%

24.7%

15.1%

12.9%

28.2%

20.4%

38.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

>1Q2014 2015 2016 >2016

Nr. Of contracts Rent value

Contracts in Italy and RomaniaEXPIRY DATE OF CONTRACTS OF HYPERMARKETS

AND MALLS IN ITALY (% no. Of contracts)

ITALYIn the first 3 months of 2014 57 contracts

were signed, of which 23 turned over.

Average downside on renewal: -8%

mainly due to turnover of 2 medium sized

areas.

Without this 2 turnover, the downside

would be equal to -0.9%, so almost steady.

ROMANIAIn the first 3 months of 2014 29 contracts

were renewed (downside of –11% mainly due

to movements for H&M new openings in

2014) and 100 new contracts were signed.

(Renewals represented 13% of Winmarkt’s

total revenues)

EXPIRY DATE OF CONTRACTS OF HYPERMARKETS AND

MALLS IN ITALY ( % of value)

EXPIRY DATE OF CONTRACTS OF MALLS IN ROMANIA

(no. and % of contracts and % of value)

N 183N 136

N 146

N 119

N 19

N 573

N 186

N 136

N 83

15.0% 11.7% 15.0%

58.3%

100.0%

0%

20%

40%

60%

80%

100%

120%

>1Q2014 2015 2016 >2016

Malls Hypermarkets/Supermarkets

22 The sustainability process continues….

2014 TARGET

Since 16 April 2014 The fourth

Sustainability Report is online

Carry out the actions related to sustainability included in 2014 business plan

23 … in the logic of integration with business planning

• ISO14001 environmental certification for the fifth Shopping Center (in line with the roll

out plan)

• Decrease in power consumption ( -7.8% in Italy and -22.2% in Romania);

• Green light for the path to obtain BREEAM certification for Centro Sarca

• Stakeholder engagement structured: employees (in 2011), tenants and visitors

(since 2013), shareholders and investors (since 2014) involved in CSR topics.

• Increased both the number of events (+9.3%) and the collaboration with non-profit

associations;

• In the restyling made, endorsed what emerged from the audit to disabled people

• Notes to lease and rent contracts for stakeholder engagement in sustainability policies

has been entered

Increase in quality and

efficiency of Centers

Interpret the needs in a

changing environment

Reinforce the concept of

«Spaces to be lived in»

TARGETS SOME RESULTS ACHIEVED IN 2013

FINANCIAL STRUCTURE

25


31/12/2013

Financial Highlights 1/2

LOAN TO VALUE

31/03/2014

GEARING RATIO

57.4%

1.38

55.5%

1.27

3.94% 4.12%

1.91X 1.73X

COST OF DEBT

INTEREST COVER RATIO

MID/LONG TERM DEBT RATE 75.3% 75.6%

AVERAGE LENGTH OF LONG TERM DEBT

(bond excluded)8.6 years 8.3 years

26


31/12/2013

Financial Highlights 2/2

HEDGING ON LONG TERM DEBT + BOND

31/03/2014

79.5%

HEDGING ON LONG TERM DEBT

€ 273.5 mn € 273.5 mnBANKING CONFIDENCE

75.3% 75.5%

€ 86.6 mn € 132.5 mnBANKING CONFIDENCE AVAILABLE

€ 347.7 mn € 349.3 mnMKT VALUE OF MORTGAGE FREE

ASSETS/LANDS

79.3%

27


0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

180,000,000

200,000,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Financial structureNET DEBT COMPOSITION (€ 000)

DEBT MATURITY (€ 000)

€144.9

mn

Bond

+

Of which €135 mn

BNP financing

Market/Banks

breakdown

The market portion

becomes 41.6%after the private

placement of € 150

mn on 7 May

72.8%

27.2%

BANKS MARKET139,055

67,518

827,351

4,670 16,165

1,022,430

Short term debt Current share of long term debt

Long term debt Potential mall and business division fees

Cash&cash equivalents Net debt

28


Net Debt

NET DEBT CHANGE € 000)

1,084,887

6,194795

4,780 5,04036,631

9,018

1,022,430

Net debt 31/12/13 Profit for the period attributable to Parent

Company

Depreciation/ Devaluation/ Change in

FV

Change in NWC (net of PM writedowns)

Change in other non-current assets/ liabilities

and derivatives

Change in fixed/ non-fixed assets

Change in shareholders' equity

Net debt 31/03/14

29


Reclassified balance sheet

GEARING RATIO (€ 000)

SOURCES/USE OF FUNDS (€ 000) 31/03/2013 31/03/2014 D D%

1,084,887 1,022,430

785,559803,997

31/12/2013 31/03/2014

Adjusted shareholders' equity

Net debt

1.271.38

Fixed assets 1,879,129 1,842,961 -36,167 -1.9%

NWC 71,271 66,490 -4,781 -6.7%

Other long term liabilities -68,518 -70,313 -1,795 2.6%

TOTAL USE OF FUNDS 1,881,881 1,839,140 -42,741 -2.3%

Net debt 1,084,887 1,022,430 -62,457 -5.8%

Net (assets) and liabilities for derivative instruments 33,303 37,806 4,503 13.5%

Shareholders' equity 763,692 778,904 15,213 2.0%

TOTAL SOURCES 1,881,881 1,839,141 -42,740 -2.3%

30

9 Maggio 2014 Presentazione Risultati 1Q2014

Final remarks

In what is still a critical macroeconomic environment,

albeit with signs of a slight recovery which have yet to

stabilize

in the first few months of 2014 IGD took the steps needed

to achieve the targets outlined in the 2014-2016 Business

Plan confirming the validity of the business model

ww

w.g

rup

po

igd

.it

Claudia Contarini, IR

T. +39. 051 509213

M. +39 3357878101

[email protected]

Elisa Zanicheli

T. +39. 051 509242

[email protected]

1q 2014 presentation

Real Estate

forwardlooking statements

securities act

cet results presentation

holders of igd siiq

control of igd siiq

forwardlooking information

management of igd siiq

istat real estate investments